Reading assignment: Benefits of the Blockchain technology

[jspcrypto714]

Transparency: Transparency is beneficial because information is uploaded to the blockchain is accessible by permissions to everyone. Not one entity can manipulate this information and is verified across multiple sources as being true.

Security: Security is obtained thru multiple verification’s as being accurate and truthful. This is information is encrypted and verified making sure the information being loaded on the block chain is accurate.

Improved traceability: Because everything is loaded on the blockchain and cannot be removed or altered once verified one can easily follow each transaction to verify the product is as advertised for such things as organic,eco friendly etc.

Increased efficiency and speed. Blockchain removed the need for middle men to pass information between which can be lost forgotten etc. because the ledger holds all this information and is easily accessible between the parties involved in the transaction. this allows for faster verification which reduces the time involved searching and sending between parties.

Reduced costs: Because most items are transferred by paper work and sent back and forth between parties a single source, although on many computers on the network, the reduction of time and elimination of the middle men saves time and money.

[silvrbitcoin]

1.) The ledge is public and viewable by every blockchain participant.

2.) Cryptography and Mathematics coupled with network consensus creates the highest degree of security.

3. Components of products on the blockchain such as ingredients in food or in drugs are traced to their origin and a record of those products life cycle is available to be seen on the blockchain.

4. Computer networks operating on a decentralized protocol such as the blockchain are capable of many hundreds or thousands of transactions per second.

5. No third parties are required to verify transactions on the blockchain reducing costs by removing the need for such intermediaries.

[Elvan]

Transparency:

Everyone on the network shares the same information/documentation as opposed to individuals having different copies of the information. To change a transaction requires consensus by everyone.

Information on the blockchain is consistent and transparent.

Security:

There must be consensus before a transaction is approved.

Information is encrypted and linked to previous transactions.

Information is stored on a network of computers, not a single machine.

Improved traceability:

Using blockchain an audit trail of a product is possible, which can prevent fraud.

Increased efficiency and speed:

Blockchain record keeping is done using single digital ledger that is shared among all participants.

All participants have the same information which increases trust and processes are streamlined and more efficient.

Reduced cost:

Businesses do not need as many middlemen and third parties who make guarantees which may not be fulfilled. Businesses can trust the data on the blockchain, not promises from trading partners.

[Jedi_06]

Reading assignment: Benefits of the Blockchain technology

Explain with your own words, why these are the benefits of using a blockchain.

1. Transparency:

All users have there own copy of the ledger and don’t have to trust or there users.

2. Security:

Since the data is encrypted and distributed it is exponentially more difficult to hack.

3. Improved traceability:

Improved traceability is a great way to tack inventory in real time. Save a lot of money if a recall is ever needed.

4. Increased efficiency and speed:

With everyone using the same platform there is no format differences, training and collaboration is simpler. No need for middle men sorting and verifying

5. Reduced cost:

No need for middle men, sorting and verifying are done already, less things to pay for.

[xcoil]

Explain with your own words, why these are the benefits of using a blockchain.

1.Transparency: Transparency is easy to achieve because with blockchain all data or transactions can be stored on a public ledger, than anyone can see. Transaction history of the entire ledger can easily be viewed. Everyone that is participating shares the same documentation instead of a locally stored copy. You can not change anything in the blockchain, you would have to alternate all subsequent records and the conclusion of the entire network to change any data.

2.Security: A traditional database does not require that transactions or data are agreed upon before becoming recorded, like with a blockchain. Also every time a transaction is added, it is encrypted and added linked to the previous transaction. Also nothing is stored on a centralized server, it is stored decentralized across many computers, or servers. Blockchain can completely change how humans store and utilize sensitive data

3.Improved traceability: Blockchains allow for supply chains to be tracked, and for product integrity to be insured. Allows you to make sure you are not getting products produced by slave, or child labor, and allows you to tracking things like ingredients.

4.Increased efficiency and speed: Taking out the middle men in all systems, makes those systems much faster, and more efficient. It is completely trust less. Also by everyone having access to the same info, it is much easier to conduct trading of almost any asset.

5.Reduced cost: By cutting out any third parties business can save huge amounts of money

[KMack153]

1. Transparency: Transparency is a huge benefit that comes from blockchain in many ways that other systems simply cannot provide. A large corporation for example, through methods of old manipulation in the form of paper or digital data, can simply hide or change their transaction history in order to deceive participants of the network involved. Creating a neutral consensus where a corporation and the participants of a network interact equal, free of collusion and deceit. This is a benefit for all types of services, where someone may try to be a bad actor and can create a more harmonious environment.

2. Security: Systems outside of blockchain technology have proven time and time again to fail, and humanity is at a crossroads with their information and data security. Without a secure blockchain, a network is easily manipulated by nefarious hackers across all parts of the world, who are in fact in a race to gather and steal as much data as possible. They know the value of your data, they understand the weak points of your systems, and they want to know more. Nothing is more secure than Bitcoin at least, all other networks are vulnerable while blockchain has shown for the last 11 years how secure and real your crypto transactions have been and will be far into the future. Further development of the blockchain brings more secure environments than was possible in the past. Security is better formed within a decentralized protocol such as Bitcoin or Ethereum, rather than in the hands of centralized entities or corporations. Real security will benefit all of humanity.

3. Improved traceability: Supply chains, for example will benefit immensely from the unmatched transparency of transactions that are easily traceable over the blockchain, where other networks do not hold up in truth. A company using the blockchain to verify the authenticity of an item or product they are dealing with, can do so in real time on display via the blockchain ledger, by following the product trail from start to finish. This benefit was first demonstrated through peer to peer transactions over the Bitcoin network, both parties could verify and trace the transaction in real time.

4. Increased efficiency and speed: A blockchain can drastically increase the speed and performance of trades between two parties in comparison to traditional paper heavy processes that are prone to human error and often require third-party mediation. Automating transaction processes with blockchain will increase speed and efficiency. Record keeping on the same digital ledger, will reduce the need of multiple ledgers which in turn creates a less cluttered environment. When everyone has access to the one superior network, it becomes easier to trust without the need of middlemen.The world needs the benefit of a faster more efficient environment to evolve.

5. Reduced cost: Business prioritizes reducing costs, this is a major benefit that comes from the use of a blockchain ledger. A business will not have to pay nearly as many middlemen, while also reducing the amount of time required when reviewing other forms of ledger. Everyone has permissioned access to one verifiable, immutable network reducing the costs brought forth by gatekeepers.

[Waldo1]

Transparency - The ledger is open to scrutiny from all participants and must be agreed
upon
Security - This refers to the transaction being agreed on before it is recorded. it is linked to the previous transaction in such a way that changing it later will be nearly impossible. The third aspect is the storage of the information is spread across many nodes so it is very unlikely for the entire system to go down at once.

Improved traceability - This can be used to ensure the quality of products in a supply chain possibly used in the food industry or medical.

Efficiency and speed - keeping of the books with the blockchain is more efficient due to the single ledger that can be worked instead of having to balance many different ledgers.

Reduced Costs - The trustlessness of the blockchain is in the system. We don’t need any other guarantees from third-party observers.

[icecoff]

1. Blockchain is a ledger distributed and shared across the internet offers greater transparency in transaction history. All participant has a copy of the same ledger. The transaction will happen if everyone agrees and the ledger will update this transaction throughout the network to anyone who holds a copy of this ledger. This way data contained on blockchain is more accurate, transparent and tamper-proof.

2.A transaction is recorded on a blockchain when everyone agrees. This transaction is encrypted and linked to previous transaction forming a chain that links all transactions together making this data tamper-proof. also resistant to hacking as its distributed across the internet and cant be hacked altogether at the same time. this is a great way to store and share sensitive information that offers security and prevent fraud.

3.a recorded transaction can be traced on blockchain this can be used to verify goods and assets and prevent fraud.

4. Blockchain offers a faster, automated transaction by cutout the need for intermediaries through data sharing and streamlines record on one ledger.

5.Blockchain allows businesses to make verified irrevocable transactions that do not depend on trust and guarantees from trading partners thus saving money.

[TenTen]

Transparency: Everyone will have the same ledger that is made available for everyone to access.

Security: The data can’t be edit or delete once it verified with consensus, and the blockchain cryptography system makes it difficult for someone who wants to tamper with the data. Individual network forms the blockchain network and thus there is no single point to be targeted for hacking.

Improved traceability: As blockchain is transparent, the transactions and data can be traced to the source.

Increased efficiency and speed: As long as the transaction is legit and valid, the miner will be motivated to perform the validation so they can receive incentives. The process of validation is also been done efficiently through a mathematical computation and importantly, there is no more middleman in between that could add to the process length.

Reduced cost: Since there are no third parties involved, costs are been reduced.

[Mason]

Transparency: This allows for all people to be able to see where information or funds are being sent. This can be critical when it comes to keeping organizations honest and trustworthy.This also insures that all people are looking at the same information and are playing by the same rules.

Security: The key benefit with security is that blockchain is much harder to hack.

Improved Traceability: This benefit every industry that is manufacturing or shipping any product. This will create the ability for each person to know where, when, how, with what a product was created. This can help stop slave labor and unethical products from being created. Instead of a products being mostly assess by there cost… they can be assessed by the entire creation of the product.

Increased Efficiency and Speed: The speed and efficiency and important in most business endeavors. With blockchain you can remove the middle man in most applications by trusting a proven program. Blockchain also reduce the amount of ledgers in circulation which help with organization.

Reduced Cost: With every item above in some way helps reduce the cost, but I think the place where blockchain will be truly valued is in its ability to help make supply train as efficient as possible.

[KcDevDude]

Transparency: Things like transactions between banks and individuals and companies in commerce become transparent so all parties are in the know and successful with the outcomes. This creates an accounting environment that is considerably more accurate.

Security: This data becomes secure across the whole of the blockchain so it is less likely to be altered or hacked once recorded and distributed.

Improved traceability: Blockchain increases the ease of which things can be tracked and verified in a whole hosts of industries. This allows companies and consumers to be assured of what they are getting, products and services.

Increased efficiency and speed: It can be extremely time consuming and costly for most businesses processing paper work and doing administrative tasks. Blockchain streamlines these processes allowing shared access to everyone involved.

Reduced cost: Blockchain reduces the need for third party and middle men to run your businesses and projects, which is where a lot of costs accumulate over time.

[Lyndon]

1. Greater transparency is achieved using blockchain because it is a distributed ledger, and everyone has the same copy, therefore, in order to change a bit of information, every node in the system would have to come to a consensus.
2. Blockchain technology has a greater security set up than other databases because it t has to be confirmed before it is encrypted, and it is confirmed by multiple computers instead of only one server, making it less likely to be hacked.
3. Traceability is enhanced by using the blockchain, because every transaction involving the product of interest is traceable all the way back to its creation, verifying its authenticity.
4. Speed of settlement is faster with blockchain, because everyone has the same information, so there is less hang time on clear and settlements. Bitcoin may take hours, but not the days that tradition money wiring takes.
5. Use of blockchain technology reduces the cost by cutting out the middle man, such as a bank or a brokerage. The transaction takes place between to entities that only have to trust the blockchain.

[DeltaZ78]

Benefits of using a blockchain
Transparency: Being a protocol that only works if it is also a distributed ledger, a blockchain can only work if it is viewable by the entire network

Security: A blockchain’s network must first reach consensus on a transaction before it is then linked to the last block. In order for a hacker to change the record, they’d have to have the ability to hijack the entire consensus system on this large decentralized network and within the time it takes for every node to sync with the blockchain, they must also have the ability to trick the last block into incorrectly computing the false block that the hackers wish to change the blockchain with.

Improved traceability: A blockchain creates an audit trail with it’s transaction history, giving the asset in question a mathematically verifiable record.

Increased efficiency and speed: Blockchain automates record keeping between all nodes on the network.That, in effect, saves a significant amount of time.

Reduced cost: Blockchain removes the reliance on middlemen and 3rd party solutions for the users of the network thus cutting costs.

[Nlynch1249]

Explain with your own words, why these are the benefits of using a blockchain.

Transparency: to change a single transaction would mean having to change ALL subsequent records ALONG with the collusion of ALL nodes to change a SINGLE transaction so this global nature of blockchain with the connections to all all parts of the blockchain make it transparent.

Security: with each transaction being tied to the last transaction it creates a chain of transaction that cannot be tampered with and it being stored on a network of computers instead of a single silo creates enhanced security

Improved traceability: with blockchain you essentially have an audit trail of transactions and for supply chain this can be very beneficial for traceability and accountability to understand where everything is coming from because it is all recorded and public

Increased efficiency and speed: when everyone has access to all transactions it reduces trust which increases efficiency

Reduced cost: reduces cost by reducing the middlemen and reducing trust which in turn reduces cost because less resources are needed to verify transactions

[fuzzy_puzzle]

• Transparency: transaction histories are available because all network participants share the same uniform info as opposed to individual information. Updating aforementioned info requires consensus of all network participants. Changing one transaction would mean changing all participants info which is a tremendous problem in and of itself.

• Security: transactions on the blockchain must first be agreed upon to be recorded. after which, they are encrypted and linked to the previous transaction. At the same time that information is stored across all logs across the entire network making it extremely difficult to tamper with.

• Traceability: The accessibility of information coupled with its uniformity makes auditing information more streamlined. The information makes it easy to understand where the good/payment came from and every step it took in its journey it took from conception to you.

• Efficiency: the previous methodology (paper oriented, individual logs) are prone to error, third party mediation, and a slower delivery time. These process have turned digital thus increasing delivery speed, incorporating automation, and taking human error out of the process. This information is available to all and kept accurate by participating members of the network. Finally third parties are eliminated due to people being able to access and interpret information for themselves.

• Cost reduction: no third parties/middlemen means at the very least less costs but ultimately one less factor to rely upon/trust.

[itraben]

1. Because everything is on a public ledger, all data can be seen. This creates high transparency because nothing is being kept a secret.

2. Blockchain has very high security because it’s being supported my a massive network of computers. A single computer cannot change the entire blockchain. The network must come to a consensus, and this is what makes the network secure.

3. All data can be tracked on the blockchain, so you kind figure out exactly where things are coming from or going to.

4. Humans tend to make errors or can be deceitful, so taking them out of the picture is great for efficiency. The blockchain does all of the hard work for us.

5. Blockchain gets rid of the middle man. You no longer need third parties to verify data. This can create massive savings for institutions.

[sherill]

Transparency - all transactions are on the blockchain on the internet. all participants share the same documentation.
Security - all transactions must be agreed upon before recording on the blockchain.
Improved traceability - every transaction is recorded and can be traced from start to destination.
Increased efficiency - everyone has same access to information. No silos used. so, clearing and settlement are faster.
Reduced cost - less third parties involved. You have access to a single immutable version.

[AndreaH]

1. Transparency. Blockchain is available publically to view after consensus is reached over the network. The information is distributed across the network so can not be changed.

2. Security. Because the network is spread out over many nodes and not held in one central location it is very secure. The spread of the ledger makes it extremely difficult to hack.

3. Improved traceability. Provenance is easy to maintain with blockchain. Authenticating data is easier as the network is publically available. Blocks are time and date stamped.

4. Increased efficiency and speed. Third parties are not required as there is one ledger, one protocol and one standard.

5. Reduced cost. The largest cost reduction is by removal of the middle man. Everything can be transferred to the blockchain.

[Outlawyer]

Explain with your own words, why these are the benefits of using a blockchain:

Transparency: Blockchains benefit from transparency because all permitted parties share the same data making for easy verification and trustless transactions.

Security: Blockchains are made more secure by their agreement/approval processes used to put data on chain and the decentralized nature of the blockchain data make a single-server attacks pointless.

Improved traceability: When exchanges of goods are put on a blockchain, their entire supply chain can be verified - no trust required.

Increased efficiency and speed: A single, shared blockchain ledger eliminates the old, paper-laden, multiple database methods which led to human error and required 3rd party verifications, etc. Blockchains make much better use of data.

Reduced cost: If one can rely on the blockchain data, one avoids having to deal with middlemen and others who must be trusted/relied upon. A single source of immutable data that all parties have access to allows the parties to conduct business with a minimum of previously necessary moving parts/costs.

[seblife]

1. Transparency : The blockchain is a public distributed ledger share among everyone. Modifying a transaction would required the alteration of all subsequent nodes and can only be added through consensus which makes it very difficult if not impossible. This type of ledger is more accurate, consistent and transparent than a traditional paper one.

2. Security : Transaction must be agreed upon before they are recorded. The ledger is distributed on a network of computers making difficult to malevolently modify the data.

3. Improved traceability : In the case where the blockchain is used for tracking product supply chains it is very useful to trace back an item to its origin. The complete history of a product helps to verify authenticity and legitimacy of the product.

4. Increased efficiency and speed : Traditional processes using paper and humans are usually slow, error prone and often require third party auditing. Automating all this through blockchain resolves all these issues.

5. Reduced cost : Replacing cumbersome and human processes with an electronic one always reduces cost and also eliminates the need to invest in trust validating processes that are irrelevant with blockchain because it is a trustless system.